The job cuts are expected to be spread across the banks and unions have been briefed. The banking group hasn’t commented on the topic.

Sky News has reported that corporate and retail banking will be the ones most affect by the cuts, while the 8,000 new roles will be focused on digital services.

This move has been long time in the making, as the bank was already making announcements about branch closures, job cuts and digitisation plans late last year. None of them to this extent, though.

This time around, however, there are no further branch closures. This year it earmarked more than 60 branches for closure, while in 2017 it closed 54 Lloyds branches, 24 from its Bank of Scotland brand and 22 belonging to the Halifax.

In the three months to 30 September, total revenue at the bank rose to £4.7 billion from £4.6 billion a year previously, while profit before tax fell 7% to £1.8 billion.

Earlier in February this year, an email sent to Bloomberg News revealed that the bank was cutting 1,000 jobs across its commercial banking, chief information office, risk, community banking, insurance and wealth.

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